Dispute Resolution Mechanism for the Belt and Road Initiative

Book excerpt: This book examines resolution of the disputes between both sides of Belt and Road economic cooperation. To address the problems surrounding legal guarantee and dispute resolution, the International Academy of the Belt and Road has gathered almost 50 experts from over 30 Belt and Road countries and regions to utilize current advances in the dispute resolution mechanism, taking into account the legal systems, legal environment and historical and cultural characteristics of Belt and Road countries and regions. The dispute resolution mechanism presented advocates giving priority to mediation when a dispute arises—arbitration is necessary only when mediation is ineffective. In addition, arbitration should be highly transparent, show respect to both contracting parties, and be equipped with an appeal system. This hands-on book offers detailed explanations of mediation rules, arbitration rules and appeal procedures. On the one hand, this mechanism embodies the integration of the cultures, traditions, legal systems, legal values and legal thoughts of Belt and Road countries and regions. On the other hand, it highlights the importance of mediation, which not only is the idea of oriental culture carrying forward traditional Chinese culture, but also follows the trend of dispute resolution. As a result, the dispute resolution mechanism established in this book is beneficial to the development of the Belt and Road Initiative.